TORONTO, July 22 /CNW/ - CIM Investment Management Limited ("CIM") wishes
to clarify that it currently has control over 15.64% of the outstanding common
shares ("Shares") of Stream Oil & Gas Ltd. ("Stream").
CIM has control over the Shares held by each of CIM Special Situations
Fund Limited ("CSSF") and CIM Discovery Fund Limited ("Discovery") (together,
the "Controlled Entities").
On October 24, 2008, Key Special Situations Fund Limited ("KSSF")
disaggregated and therefore the Shares and warrants of Stream (the "Warrants")
held by KSSF that were reported in the press release dated on October 8, 2008,
ceased to be affiliated with CIM. After KSSF disaggregated, CIM had control or
direction over 4,264,981 Shares and 2,132,516 Warrants (all held by CSSF). If
the warrants were exercised at such time, CSSF could have acquired an
additional 2,132,516 Shares, for a total of 6,397,497 Shares, representing
approximately 15.68% of the issued and outstanding Shares, based on a total of
40,812,857 Shares issued and outstanding. The 40,812,857 value has been
calculated to include the 2,132,516 Shares that would have been issued if all
of the Warrants held by CSSF were exercised and added to the 38,680,341 Shares
has issued and outstanding as reported in Stream's management information
circular dated April 2009 and filed on the SEDAR website.
In January 2009, CSSF transferred in an off market private transaction
2,035,607 Shares and 1,017,815 Warrants held by CSSF to Discovery. After the
transfer CIM still had control or direction over an aggregate of 4,264,981
Shares (CSSF held 2,229,374 Shares and Discovery held 2,035,607 Shares) and an
aggregate of 2,132,516 Warrants (CSSF held 1,114,701 Warrants and Discovery
held 1,017,815 Warrants). As such, the Controlled Entities continued to hold
approximately 15.68% of the issued and outstanding Shares, based on a total of
40,812,857 Shares issued and outstanding, calculated as aforesaid.
As of July 22nd, 2009, CIM has control or direction over an aggregate of
4,251,481 Shares (CSSF holds 2,215,874 Shares and Discovery holds 2,035,607
Shares) and an aggregate of 2,132,516 Warrants (CSSF holds 1,114,701 Warrants
and Discovery holds 1,017,815 Warrants). As such, if the warrants are
exercised, the Controlled Entities could acquire an additional 2,132,516
Shares, for a total of 6,383,997 Shares, representing approximately 15.64% of
the issued and outstanding Shares, based on a total of 40,812,857 Shares
issued and outstanding, calculated as aforesaid.
The Shares held by the Controlled Entities are for investment purposes.
The Controlled Entities may, from time to time acquire additional
securities of Stream, dispose of some or all of the existing or additional
securities, or may continue to hold the current position.
CIM Investment Management Limited is incorporated under the laws of
England which is authorized and regulated by the Financial Services Authority
(FSA Firm Reference Number 443440). CIM Investment Management is an asset
management company which manages, amongst others, Funds on behalf of the CIM
Special Situations Fund Limited and CIM Discovery Fund Limited.
For further information: please contact Ashley Retter of CIM Investment
Management Limited. Ashley Retter, CIM Investment Management Limited, 1 Regent
Street, London, SW1Y 4NS; CIM Special Situations Fund Limited, P.O. Box 71,
Craigmuir Chambers, Road Town, Tortola, British Virgin Islands
